] 


/ 


LETTER 

PROM  THE 

g)ecretarp  of  tlje  %xmm^ 

TRANSMITTING 

^  STATEMEJVT 

OF 

THE  VALUATIONS  OF  LANDS,  LOTS, 

AKD 

DWELLING  HOUSES, 

AND  OP 

SLAVES, 

IN 

THE  SEVERAL  STATES,  MADE  UNDER  THE  ACT  OP  THE  22d  OP  JULY, 


January  25th,  1816. 
Read,  and  ordered  to  lie  upon  the  table. 


WASHINGTON: 

PRINTED   BY   WILLIAM  A.  DAVIS, 

1816. 


Treasury  Department.,  jfanuary  25,  1816. 

SIR, 

In  obedience  to  the  resolution  of  the  House  of  Representatives 
of  the  22d  instant,  I  have  the  honour  to  transmit  a  statement  of  the 
amount  of  the  vakiations  of  Lands,  Lots,  and  Dwelling  Houses,  and  of 
Slaves  in  the  several  States,  made  under  the  act  of  Congress  of  the  22d 
of  July,  1813  ;  so  far  as  the  same  have  been  returned  by  the  principal 
Assessors  to  this  Department. 

I  have  the  honour  to  be, 
Very  respectfully, 
Sir, 

Your  obedient  servant, 

A.  J.  DALLAS. 

The  honourable  the  Speaker  of  the 

House  of  Representatives, 


STATEMENT 


Of  the  amount  of  the  valuations  of  lands,  lots,  and  dwelling  houses,  and 
of  Slaves,  in  the  several  States,  made  under  the  act  of  congress  of  the  22d  of 
July,  18J3,  and  i-eturned  by  the  principal  assessors  to  the  treasury. 

The  States  of  New-Jersey,  Pennsylvania,  Virginia,  South-Carolina,  Georgia, 
Ohio,  and  Kentucky,  assumed  and  paid  their  quotas  of  the  tax ;  and  no  valu- 
ations, therefore,  were  made,  under  the  act  of  July  22d,  1813,  in  those 
States. 


STATES. 


Value  of  lands, 
lots,  and  dwell- 
ing houses. 

Value 
of  slaves. 

Total 
valuation. 

Dolls. 

Dolls. 

Dolls. 

36,9.57,825 
149,253,514 
32,747,290 
21,567,020 
86,546,841 
265.224,983 
14,218,950 
106,490,638 
58,114,952 
28,748,986 

•  «  f 

•  »  • 

•  •  • 

3,192 
842,162 
142,519 
14,525,845 
34,082,545 
9,662,925 

36,957,825 
149,253,514 
32,747,290 
24,567,020 
86,550,033 
266,067,145 
14,361,469 
121,016,483 
92,197,497 
38,411,911 

2,312,785 

2,284,765 

4,597,550 

New-Hampshire, 
Massachusetts, 
Vermont, 
Rhode-Island,  . 
Connecticut, 
New-York,(a)  . 
Delaware, (A) 
Maryland, 
North-Carolina,(<?) 
Tennessee,(c/)  . 
Louisiana,  one  district,  viz.  the 
second, (e) 


NOTES. 

(a)  The  returns  from  two  districts  (the  12th  and  25th)  of  the  valuations 
for  the  year  1814  have  not  been  received.  The  valuations  of  these  two  dis- 
tricts for  the  year  1815  have  been  taken.  In  four  districts  (the  7th,  12th, 
21st,  and  25th)  the  valuation  of  slaves  is  not  given  distinctly  from  the  valua- 
tion of  lands,  lots,  and  dwelling  houses. 

(S)  In  one  district  (the  3d)  the  valuation  of  slaves  is  not  given  distinctly 
from  the  valuation  of  lands,  lots,  and  dwelling  houses. 

(c)  In  two  districts  (the  5th  and  12th)  the  valuation  of  slaves  is  not  given 
distinctly  from  the  valuation  of  lands,  lots,  and  dwelling  houses. 

(</)  The  returns  from  one  district  (the  3d)  of  the  valuations  for  the  year 
1814  have  not  been  received.  The  valuation  of  this  district  for  1815,  as  fixed 
by  the  board  of  principal  assessors,  has  been  taken.  The  valuation  of  slaves 
in  two  districts  (the  3d  and  4th)  are  not  given  distinctly  from  the  valuation  of 
lands,  lots,  and  dwelling  houses. 

(e)  No  returns  for  the  year  1814  have  been  received  from  any  of  the  dis- 
tricts except  the  2d,  here  given. 

2 


-LETTER 


FROM  THB 


ecretarp  of  tlie  Creagur? 


TUANSMITTING  HIS 


AJyjVUAL  REPORT 


ON  THE 


STATE  OF  THE  FINANCES 


December  20,  181 G. 
Referred!  to  the  Committee  of  Ways  and  Means', 


WASHINGTON: 

PR1?;TED   by   WILLIAM  A.  DAViS. 
1816. 


TREASURY  DEPARTMENT, 


December  16th,  1816. 

SIR, 

I  have  the  honour  to  transmit,  herewith,  a  report  prepared  in  obedience 
to  the  "  Act  supplementary  to  the  act  entitled  an  Act  to  estabhsh  the  Treasury 
Department." 

I  have  the  honour  to  be. 
Very  respectfully.  Sir, 

Your  obedient  servant, 

WM.  H.  CRAWFORD, 

The  honourable  Speaker 

of  the  Home  of  Representalivca. 


REPORT. 


In  obedience  to  the  directions  of  the  "  act  supplementary  to  the  act,  entitled 
An  act  to  establish  the  Treasury  Department,"  the  Secretary  of  the  Treasury 
respectfully  submits  the  following  report  and  estimates. 

REVENUE. 

The  nett  revenue  arising  from  duties  on  merchandise  and  tonnage,  internal 
duties,  direct  tax,  public  lands,  postage,  and  incidental  receipts  which  accrued 
during  the  year  J  814,  amounted  to     .  .  .  11,500,606  25 

And  thai  which  accrued  from  the  same  sources  during  the 
year  1815,  amounted  to  .  -  .  .  49,893,219  02 

Viz.  ' 

Customs,  as  appears  by  statement  A.  36,643,598  77 

Infernal  duties,        .           .  B,    5,963,225  88 

Direct  tax.        .           .          .  C.   .5,723,152  25 

Public  lands,          .          •  1,287,959  28 

Postage  and  incidental  receipts,  275,282  84 

849,893,219  01 


The  revenue  which  has  accrued  from  the  same  sources 
during  the  three  iirst  quarters  of  the  year  1816,  and  that 
which  will  accrue  during  the  remaining  quarter,  is  estimated 
to  amount  to       .....  .       38,650,000  Ol) 

Viz. 

Customs,  .  .  .      30,000,000  00 

Internal  duties,  .  ,  4,150,000  00 

Direct  tax  (nett  proceeds)  .       2,700,000  00 

Public  lands  (exclusive  of  receipts  in 

the  Mississippi  Territory)  1,500,000  00 

Postage  and  incidental  receipts,  300,000  00 

$38,650,000  00 


The  receipts  in  the  Treasury  from  the  same  sources 
during  the  year  1816,  are  estimated  46,900,000  00 

Viz. 

Customs,         .  .  .  36,000,000  00 

Direct  tax,  .  .  .       4,200,000  00 

Internal  duties,  .  .  4,900,000  00 

Pulic  lands,  .  .  .       1,500,000  00 

Postage  and  incidental  receipts,  300,000  00 

46,900,000  00 


Receipts  from  loans  and  treasury  notes : 

Loans  under  the  act  of  1 5th  November,  1814,  243,911  39 

Do.  do.  3d  March,  1815,  318,675  52 

Do.  temporary  loans,       .  .  .  150,000  00 


Apaount  actually  borrowed  to  30th  Sep- 
tember, 1815,  712,586  91 
Treasury  notes :   amount  issued  prior  to  the 
1st  October,  1816,  under  the  act  of  24th 
February,  1815. 
Notes  bearing  interest  per  state- 
ment L.             4,274,800  00 
Small  treasury  notes 
not  bearing  interest 
amount  issued  and 
re  issued             5,773,168  00 

 10,017,963  00 

 10,760,554  91 

Making  the  total  amount  estimated  to  be  actually  receiv- 
in  the  Treasury  during  the  year  1816,  .  .  57,660,554  91 

Cash  in  the  Treasury  at  the  commencement  of  the  year 
(including  an  item  of  $6,361,125  43  in  treasury  notes)  which 
had  been  paid  for  duties  and  taxes,     .  .  .  13,106,592  88 


Making  the  amount  estimated  to  be  actually  recived  into 
the  Treasury,  during  the  year,  including  the  sum  in  the  Trea- 
sury on  the  1st  day  of  January,  last,     .  .  .         70.667,147  70 

The  application  of  the  moneys  actually  received  into  the 
Treasury  during  the  year  1816,  will  he  as  follows  :  To  the  30th 
September  the  payments  have  amounted  to  the  following  sums 
nearly ; — (the  accounts  being  not  yet  made  up  the  precise 
amount  cannot  be  given) 

For  civil,  diplomatic,  and  miscellaneous 

expenses,  .  .  2,359,404  99 

Military  service  (including  an  arrearage 

of  $11,212,560  00)  .  14,079,009  27 

Naval  service,  ,  .         2,707,009,27  00 

Public  Debt,  viz. 
Interest  and  reim- 
bursement, $8,009,936  34 
Reimbursement  and 
Interest  of  I'rea- 

suiy  notes,   .  5,606,650  24 

 13,616,586  53 

 32,762,416  81 

During  the  fourth  quarter  of  the  year  the  payments  are 
(intimated  to  amount  to  tlic  following  sums:  vie. 

For  civil,  diplomatic  and  miscellaneous 

expenses,  .  .  750,000  00 

Military  service,         .  .       2,450,000  00 

Naval  service,        .  .  1,200,000  00 

Public  debt,  viz.  interest  ai\d  reim- 
bursement to  the  1st  of  January, 
18 lb,  inclusive,     .  .         2,100,000  00 


7 


.1 


Ditto.  Reimburse- 
ment of  Trea- 
sury notes  13,000,000  00 

 15,100,000  00 


19,500,000  00 


52,262,416  84 

The  receipts  into  the  Treasury  during  the 

year  have  been  t'stituated  at        .  57,669,564  91 

And  the  balance  at  the  commencement,       13,106,592  33 

 70,767,147  79 


Leaving  in  the  Treasury,  on  the  1st  January,  1817,  the 
sum  of  .  .  .  .  .  .  $18,504,730  95 


Of  which  sum  it  Is  estimated  that  10,000,000  will  be  in  cash,  and  the  re- 
mainder in  Treasury  notes,  principally  issued  under  the  act  of  the  24th  of  Fe- 
bruary, 1815,  which  cannot  be  reimbursed  without  an  appropriation  for  that 
purpose. 

Notwithstanding  the  favourable  situation  of  the  Treasury,  the  disordered 
state  of  the  currency  still  continues  to  embarrass  the  fiscal  operations  of  the 
government.  The  expectation  which  had  been  formed,  that  the  demands  upon 
the  Treasury,  in  the  eastern  section  of  the  Union,  might  be  paid  in  the  local 
currency  by  the  end  of  the  year,  has  not  been  realized.  To  discharge  the 
claims  in  that  quarter,"  arising  from  the  interest  and  reimbursement  of  the  pub- 
lic debt,  whi;  h  will  be  payable  on  the  1st  of  Januafy  next,  small  Treasury  notes 
must  be  issued,  or  a  temporary  loan  must  be  obtained  from  the  Bank  of  the 
United  States,  to  the  amount  of  those  demands.  The  latter  alternative  has 
been  embraced,  and  a  proposition  for  that  purpose  has  been  made  to  the  bank 
and  has  been  favourably  received  by  it. 

When  those  claims  are  satisfied;  there  will  be  no  further  embarrassment 
until  the  next  quarteily  payment  of  interest.  To  prevent  the  necessity  of  re- 
sorting again  to  loans,  for  that  object,  the  re-issue  of  Treasury  notes,  of  all 
descriptions  should  be  discontinued.  When  this  course  is  adopted  and  per- 
severed in,  the  revenue  in  that  quarter  will  be  collected  in  current  money,  and 
will  be  more  than  sufficient  to  satisfy  all  the  claims  of  the  public  creditors. 
The  more  certainly  to  effect  that  object,  it  is  respectfully  recommended,  that 
an  appropriation  be  made  during  the  present  session  of  Congress,  for  the  re- 
imbursement of  the  whole  of  the  Treasury  notes,  issued  under  the  act  of  the 
24th  of  February,  1815.  The  Treasury  notes  issued  under  the  preceding- 
laws,  have  either  been  reimbursed,  or  provision  made  for  that  object  during 
the  last  quarter  of  the  year.  The  acts  under  which  they  issued  having,  by 
appropriations,  provided  for  their  reimbursement,  no  further  appropriations 
are  necessary  for  that  purpose. 


6 


OF  THE  PUBLIC  DEBT. 


The  funded  debt  contracted  before  the  late  war,  which 
was  unredeemed  on  the  1st  of  January,  1816,  amounted  as 

appears  by  statement  B.  to         .           .           .           .  38,340,906  77 

By  the  same  statement,  it  appears  that  the  funded  debt 
contracted  on  account  of  the  late  war,  amounted  on  that  day 

to          ......          .  65,944,434  20 


Making  the  whole  funded  debt,  on  the  1st  of  January, 
J!  816,  amount  to  .....        104,258,341  06' 

To  which  must  be  added  temporary  loans, 
Viz. 

Due  the  State  Bank,  Boston,       .     S  500,000  00 
Cumberland  Bank,  Maine,  50,0U0  00 

Banks  in  the  District  of  Columbia,  17.'>,000  00 
State  of  New-York,  .  350,000  00 

  1,075,000  00 


Mr.king  an  aggregate  amount,  on  that  day,  of  105,350,341  06 

To  this  amount  tnere  has  been  added  between  the  first 
day  of  Janury,  1816,  and  the  30th  of  September,  the  follow- 
sumi 
Viz. 

6  per  cent  stcck  of  1814,  .  .  229,801  31 
6  per  cent  stock  of  181.5,       .       .     335,448  90 

6  ner  cent  Treasury-note  stock,  58,245  78 

7  percent      do       .       .     '  .       4,570,621  00 


From  which  deduct  temporary  loans 
paid  off,  .  .  1.025,000  00 

Reimbursement  of  old  six 
per  cent,  and  deferred  stock,      846,639  76 


5,257,116  90 


1.871,639  70 


.3,385,477 


Making  the  whole  public  debt,  on  the  30th  of  September, 
1816,  as  appears  by  statement  C,  amount  to  .  108,745,813  29 

Viz:— 

Old  fimded  debt,  .  .  37,494,267  01 
jNew  fimded  debt,  .  .  71,201,551  28 
Temporary  Loan,      .       .       .      50,000  00 

Si 08,745,8 18  29 


Kdd  the  amount  of  7  per  cent,  e^ock,  which  it  is  estimated  * 
will  be  trcat  'd  cJunn^  the  last  quarter  of  the  jear,  by  fund- 

fcg  small  Treasury  notes,          ....  520,405  00 

Makes  the  estimated  amount  of  the  public  debt,  on  the 
1st  of  January,  1817,  ....  109,266,223  29 

The  subscription  to  the  Bank  of  the  United  States,  on  the 
part  of  the  government,  will  create  5  per  cent,  stock  to  the 

amount  of                   .....  7,000,000  09 

And  the  compromise  with  the  Yazoo  claimants  has  created 

stock  to  the  amount  of             <          .          .          .  4,098,615  29 


But  as  the  first  is  only  an  exchang-e  for  the  same  amount  of  bank  capital* 
which  will,  probably,  produce  an  excess  of  dividends,  beyond  the  interest  pay- 
al'le  on  the  Slock,  equal  to  the  reimbursement  of  the  principal,  before  the  ex- 
pii  alion  of  the  charter,  and  the  second  bears  no  interest,  and  will,  pr  obably,  be 
reimbursed  by  the  sales  of  the  public  lands,  in  the  Mississippi  Territory,  during 
the  three  succeeding  yearsy  no  further  provision  for  tueir  ultimate  redemj)tion 
appears  to  be  necessary. 


SINKING  FUND. 

According  to  the  existing  laws,  the  sinking  fund  consists  of  a  permanenl 
appropriation  of  8,000,000  dollars  per  annum,  which  is  vested  in  the  commis- 
sioners of  the  sinking  fund ;  to  be  by  them  applied  to  the  payment  of  the  in- 
terest of  the  public  debt,  and  to  the  redemption  of  the  princ  ipal.  Of  this  sum 
there  will  be  required,  during  the  year  1817,  for  the  payment  of  interest. 
g6,084,4l5  93;  leaving  the  sum  of  S1,9I5,584  07  to  be  apphed  to  the  re- 
demption of  the  principal  of  the  debt.  Tiiis  sum,  operating  upon  the  principle 
of  compound  interest,  will  not  redeem  the  whole  amount  of  the  funded  debt 
before  tfse  year  1742.  An  attentive  examination  of  the  rise  and  progress  ot 
public  debts  in  other  countries,  caimot  fail  to  impress  tiie  American  republic 
with  the  necessity  of  making  s'litable  exertions,  in  periods  of  peace,  to  release 
the  national  revenue  from  so  heavy  an  encumbrance.  Although,  from  our  happv 
form  of  government,  and  Irom  our  fortunate  geopraphical  position,  we  mav 
reasonably  calculate  upon  b  -ing  less  frequently  subjected  to  the  calamitifs  of 
war.  than  has  hitherto  i'allen  to  the  lot  of  other  civilized  nations,  yet,  reason  and 
e-.peri'-nce  forbiti  the  expectation  that  we  shall  be  exempted  from  its  eviis 
until  the  rf  demption  of  the  public  debt  shall  be  effected  by  the  operauon  of 
the  existing  sinking  fund. 

By  referring  to  the  laws  authorizing  the  several  loans,  which,  during  the 
late  war,  have  swelled  the  public  debt  to  its  present  amount.  Congress  has 
unilbunly  pledged  the  faith  of  the  natiuii  to  provide  sufficient  funds  for  the 
payment  of  the  interest,  and  the  redemptit  n  of  the  principal  of  the  debt  so 
created.  Ti)e  time  has  now  arrived  when  that  pledge  ought  to  be  redeemed. 
It  is,  ther  fore,  respectfully  proposed,  that  there  be  annually  appropriated  the 
gum  of  g2,OQ0vJ00,in  addition  to  the  sum  of  $8,009,000  now  applicable  to 
the  payment  of  the  interest,  and  the  redemption  of  I'ae  principal  of  the  puhlic 
debt;  and,  that  that  sum  be  vested  in  the  comqjissionei s  of  the  sinking  fund» 


10 


to  be  applied  in  the  same  mariner  as  the  existing  siuking  fund.  It  ig,  also,  pr#' 
posed  that  when  the  six  per  cent,  stock  can  be  purchased  at  par,  or  the  7  per 
cent  stock  can  be  purchased  at  6  per  cent  premium,  or  when  a  greater  amount 
can  be  redeemed,  according  to  the  conditions  attached  to  tlie  different  loans,  of 
which  the  funded  debt  is  composed,  than  the  amount  of  the  sinking  fund  appli- 
cable to  the  redemption  of  the  principal  of  the  funded  debt  within  any  one  year, 
there  be  paid  to  the  commissioners  of  the  sinking  fund  the  further  sum  of 
Si, 000,000  out  of  any  money  in  the  Treasury  not  otherwise  appropriated,  if 
such  payment  can  be  made  ;  leaving  a  balance  in  the  Treasury,  at  the  end  of 
the  year,  of  ^2,000,000;  which  additional  sum  shall  be  applied  to  the  redemp- 
tion, or  purchase,  of  the  principal  of  the  debt. 

As  die  funded  stock  which  may  be  subscribed  by  individuals  to  the  Bank 
of  the  United  States  is  redeemable  at  the  will  of  the  government,  and  as  the 
Louisiana  stock  is  to  be  reiuibursed  in  four  annual  instalments,  commencing  in 
the  year  1818,  the  effect  of  the  provision  will  be,  an  annual  addition  of 
g  1,000,000  for  the  succeeding  six  years,  if  the  state  of  the  Treasury  will 
admit  of  its  execution. 

By  the  operation  of  the  sinking  fund,  thus  enlarged,  the  whole  funded 
debt  will  be  extinguished  within  the  term  of  fourteen  years.  In  the  present 
unsettled  state  of  the  revenue,  arising  from  excessive  importations  of  foreign 
merchandise  during  the  previous  and  present  year;  from  the  change  in  the 
rate  of  duties  imposed  upon  merchandise;  and  from  changes  made  in  the 
various  branches  of  internal  revenue,  it  would  be  unsafe  to  vest  the  whole  of 
the  surplus  revenue  of  the  present  year  in  the  commissioners  of  the  sinking 
fund,  as  there  is  strong  reason  to  believe,  that  the  revenue  which  will  accrue 
during  the  year  1817,  will  fall  considerably  below  the  permanent  annual 
expenditure,  inclusive  of  the  addition  proposed  to  be  made  to  the  .sinking  fund. 
That  deficiency,  as  well  as  any  other  which  may  occur  in  the  two  succeeding 
years,  will  be  covered  by  the  balances  which  it  is  estimated  will  be  in  the 
Treasury  on  the  1st  day  of  January,  1817,  and  1818. 


Of  the  Estimates  of  the  Public  Revenue  and  Expenditures  for  the  year  1816. 

The  probable  authorized  demands  upon  tiie  Treasury,  during  the  year 
1 81 7,  are  estimated  to  amount  to        ....       ^521,751,797  57 
Viz. 

Civil,  diplomatic,  ani  miscellaneous 

expenses,  g  1,765,51 3  03 

Military  service,  (including  an  arrear- 
age of  g  1,540,000,)        .         .        7,999,625  79 

Naval  service,  (including  S  1,000,000 

for  permanent  increase  of  navy,)        3,986,658  75 

Public  debt,  ,  .         8,000,000  00 


21,751,797  57 


Deduct  war  arrearage,        .....       1,540,000  00 

$20,211,797  57 


Add  for  annual  incidental  expenditures,  not  embraces^  in 
the  estimate,       .       .  .  .  .  .  288,202-  43 


Making  the  permanent  annual  expenditure  .  .  20,500,000  00 
To  which,  add  the  sum  proposed  to  the  sinking  fund,        3,000,000  Od 

Making  in  the  whole,  an  aggregate  amount,  for  the 
permanent  annual  expenditure,  until  the  public  debt  is  re- 
deemed, of        ,  .  .  ...       23,500,000  0» 


The  Annual  Report  of  the  Secretary  of  the  Treasury,  for  the  year  1815, 
estimated  the  revenue  which  would  accrue  during  the  year  1816,  under  the 
modifications  proposed  by  that  report  to  the  existing  laws  for  raising  revenue, 
at        .  .  .  .  .  .  .        ig25,600^000  00 

Viz. 

Customs,       .  .  .  §17,000,000  00 

Internal  duties,  .  .  4,500,000  00 

Direct  tax,  (nett  proceeds,)  ,  2,700,000  00 
Public  lands,       .  .  .         1,000,000  00 

Postage  and  incidental  receipts,       ,       400,000  00 

S25,600,000  00 


But  the  revenue  which  has  actually  accrued  during  the 
year  is  estimated,  as  already  stated,  at         .        .       .         38,650,000  00 

Making  an  aggregate  excess,  beyond  the  estimate  of 
the  last  year,  of       .       .         .  .  .  .1 3,050,000  00 


Which  excess  has  arisen,  principally,  in  the  customs. 

By  the  same  Report,  the  money  receivable  into  the  Treasury  during  the 
year  1816,  arising,  principally,  from  revenue  which  accrued  during  the  year 
1815,  was  estimated  at  g33,400,000  00 

Viz 

Customs,  ....  21,000,000 
Internal  duties,  ...  5,000,000 

Direct  tax,  ....  6,000,000 
Public  Lands,  .  .  .  1,000,000 

Postage,  and  incidental  receipts,  .  400,000 


33,400,000 


But  the  -actual  receipts  into  the  Treasury  during  the 
year,  from  those  sources  of  revenue,  are  estimated  at       .       49,600,000  00 


Leaving  an  excess  of  receipts  beyond  the  estimate,  of     Si 3,500,000  00 

The  actual  excess  in  the  customs,  beyond  the  estimate  of 
1815,  being  .  .  .  .  .  15,000,000  00 

In  the  internal  duties,  direct  tax,  and  postage,  there  is  a 
<le.6cit  of  .....  ,  2,000,000  00 


13,000,000  00 


IB 

And  an  exces4  in  public  lands,  of  ,  .  .  .  500.000  00 
Making,  as  before  stated,  the  whole  excess       .       <    $  1 3,500,000  OO 


The  comparative  statements  just  presented  prove  the  extreme  difficulty- 
there  was  in  1815  of  making  any  estimate  upon  which  reliance  could  be  placed. 
The  excessive  importations  of  foreign  merchandise,  during  the  past  and  p'e- 
sent  year,  have,  but  in  a  sii;^ht  degree,  diminished  that  difficulty.  The  revenue 
which  accrued  fr  om  imports  and  tonnage  during  the  three  first  quarters  of  the 
year  1816,  have  averaged  nine  millions  of  dollars  a  quar  ter ;  while  that  which 
will  have  accrued  during  the  last  quarter,  is  estimated  at  not  more  than  one 
third  of  that  sum.  As  the  redundancy  of  foreign  merchandise  in  the  country, 
which  has  produced  this  extraordinary  reduction  of  duties  in  the  fourth  quarter 
of  the  year,  will  continue  to  influence  the  importations  of  the  year  1817.  the 
revenue  accruing  fi  om  that  source  during  the  yeai',  probably  canm.t  be  safely 
estimated  above  twieve  millions. 

We  must  look,  therefore,  to  the  revenue  accruing  in  the  year  1818,  as  the 
average  revenue  arising  from  duties  and  taxes  of  a  permanent  character,  by 
which  the  permanent  expenditures  of  the  government  sh;,u!d  be  regulated. 
From  the  facts  in  the  possession  of  the  Department,  the  revenue  which  will 
accrue  during  that  year  is  estimated  ae  follows  :  viz. 

Customs,         .  .  .         18,000.000  00 

Internal  duties,       .       .        .  2.500,000  00 

Public  lands,       .  .  .  1,. 500,000  00 

Postage  and  incidental  receipts,        .       250,000  00 

Making  an  agi^regate  amount  of    .        .         .         g 22,250,000  00 
In  the  year  1819  the  first  instalment  of  the  bonus,  payable 
by  the  bank  of  the  United  States,  becomes  due,       .  .       500^000  00 

During  the  same  year,  it  is  believed  that  the  claim  of  the 
State  of  Georgia  will  be  paid,  and  the  Mississippi  stock  will  be 
absorbed  by  the  sale  of  public  lands  in  the  Mississippi  Terri- 
tory, which  will  give  an  additional  revenue  from  the  public 
lands  for  the  year  1820,  and  for  subsequent  years,  of     .      .      1,509,000  "00 

Making  the  revenue  for  the  year  1820  amount  to  24,250,1.00  00 


Which  may  be  estimated  as  the  permanent  annual  reve- 
nue after"  that  period. 

Biit  the  receipts  into  the  Treasury,  during  the  year  1817, 
are  esti'uatcd  as  follows  :  viz. 

Customs,  .  .  .         21,000,000  00 

Internal  duties,        .  .  .      2,900,000  00 

Dire*"t  tax,  (outstanding  and  receivable 

that  year,)        .        .  .        2,000,000  00 

Public  lands,       .  .  .        l,50i).0ao  00 

Postage  and  incidental  receipts,  250,000  00 

 30,650,000  00 

To  which  add  the  balance  in  the  Treasury  on  the  1st  day 
of  that  year,  .  .       .  .       ,  .  10,000,000  00 


Total  Ways  and  Meaos  for  1817, 


40,650,000  00 


13 

The  expenditure  for  that  year,  as  before  stated,  including 
the  proposed  addition  to  the  sinking  fund,  is  estimated  to 
amount  to       ...  ....        .        25,000,000  00 

Leaving  a  balance  in  the  Treasury  on  the  1st  day  of 
January,  1818,  of       .  .       .  .       .  *  IS.G.'jO.OOO  00 


JFa  j/s  and  Means  /or  1 8 1 8. 

Balance   in   the   Treasury    as  before 

stated,         ....        1.5,650,000  00 
Customs,  .  .  .         12,000,000  00 

Internal  duties,       .  .  .       2,500,000  00 

Public  lands,  .  .  .      1,500,000  00 

Postage  and  incidental  receipts,    .  250,000  00 

 31,900,000  00 

The   permanent  expendi(ure,   including   the  proposed 
addition  to  tiie  sinking  fund,  has  been  estimated  at,  23,500,000  00 


Balance  in  the  Treasury  on  the  Ist  of  January,  1819, 
estimated  at        .       .       .  .  .       .    "  8,400,000  00 


Ways  and  Means  for  1819. 

Balance  in  the  Treasury  as  above  stated,  8,400,000  00 
Customs,       .       .  .        .        18,000,000  00 

Internal  duties,  .  ' .  .  2,500,000  00 
Public  Lands,  ...  .  1,500,000  00 
Bonus  from  the  United  States'  Bank, 

payable  this  year,        .  .         500,000  00 

Postage  and  incidental  receipts,  250,000  00 

 31,150,000  00 

Permanent  expenditure  as  before  stated,       .       .       23,500,000  00 

Leaving  in  the  Treasury,  on  the  1st  day  of  January,  1820, 

a  balance  of   7,650,000  00 

After  which  period  the  permanent  revenue,  as  before 
stated,  is  estimated  to  exceed  the  permanent  expenditure,  taken 

as  the  basis  of  this  report,  by  the  annual  amount  of       .       .  750,000  00 


Making  an  excess  of  revenue  beyond  the  estimated 
-expenditure  during  ihe  next  four  years,  of      .       .       .       gJ^.400,000  00 


14 

Applicable  to  such  objects  of  internal  improvement  ornational  defence  as 
the  wisdom  of  Congress  may  direct. 

All  which  is  respectfully  submitted. 

WM.  H.  CRAWFORD, 

Secretary  of  the  Treasury. 

Treasury  Department^ 
Dttcember  16,  1816. 


15 


O)  o 
O  -O 

is^  a 

to 

9  « 

o  o 


o 


CS 


C3 

o 


ZS  <ii 


s 

3  bo 
Owe 

— I 

=  -5  -73 

03  C 

be  ^  o 

;|  £  c 

C5  O 


Nett  Revenue. 

Dollars. 
36,643,698  77 

uses  on  col- 
lection. 

Dollars. 
408,893  49 

Expei 

Gross  Revenue. 

Dollars. 
37,052,492  26 

1 

n 

Debentures  : 
sued. 

Dollars. 
1,650,671 

0 
0 

'asspoits. 

Dollars. 
15,932 

i  cj 

0 

bD 

a 

c 

c 

0 

Dollars. 
618,341  00 

0 

c; 
.15 
^5 

0 

i-  CO 

5 

Morel- 

[B] 


STATEMENT 

Of  the  Funded  Debt  of  the  United  States,  and  of  Temporary  Loans,  on  thr 

first  of  January,  1816. 

FUNDED  DEBT, 

Exclusive  of  sums  passed  to  the  credit  of  the  sinking  fund. 

6  per  cent  stock,  .  517,250,871  41 
3  per  cent  stock,  .  16,158,180  79 
Deferred  do.       .        9,358,320  34 

Louisiana  do.       .      10,923,500  00 

6  per  cent  do.    1796,         80,000  00 

ExchangedGp.ct.  do.  1812,    2,984,746  72 


-56,755,619  26 


6  per  cent  Stock  of  1812, 

11  million  loan,  .  .  7,810,500  00 
6  per  cent  Stock  of  1813, 

16  million  loan,  .  .  18,109,377  43 
6  per  cent  Stock  of  1813, 

71  million  loan,  .  8,498,581  95 
6  per  cent  Stock,  of  1814, 

25  million  loan,  .  15,661,818  54 
6  per  cent  Stock,  of  1815, 

18,452,800  loan,       .        11,952,700  74 

6  per  cent  Stock,  of  Trea- 
sury notes  bearing  inter- 
est funded  at  par,       .  2,481  63 

7  per  cent  Stock,  of  small 

Treasury  notes  funded,       3,908,974  00 

 65,954,434  29 

 122,700,053  55 

TEMPORARY  LOANS. 

Due  the  State  Bank,  Boston,        .  500,000  00 

Cumberland  Br.nk,  Maine,  .  50,000  00 
Banks  in  the  District  of  Columbia,  175,000  00 
State  of  New-York,       .       .       350,000  00 

  1,075,000  00(c) 


S123,775,053  55 


17 


Statement  B  CQntinueid. 

Nominal  amount  of  the  funded  debt  and  temporary  loans, 

1st  January,  1816,  .  .  .  B 1 23,775,053  55 

Deduct  reimbursement  of  the  old  six  per 
cent  and  deferred  Stocks  to  the  31st 
December,  18  J  5,  per  Treasury  set- 
tlements, .  .  .       24,341,990  68(A| 
From  this  sum  deduct  re- 
imbursement   paid,  or 
stock  subsequently  trans- 
ferred  to   the  sinking 
fund,       .       .       .          28,748  02 
And  the   difference  be- 
tween the  nominal  a- 
mount  of  sis  per  cent, 
and  deferred  stock  ex- 
changed,  and  the  a- 
mount   of  exchanged 
stc^k   issued    in  lieu 
thereof;       .       .        5,898,530  17 


5,627,278  19 

  18,414,712  49 


Unredeemed  amount  1st  January,  181 6,    $105,360,341  06(c) 

J^ominal  amount,  as  above  stated^  brought  down^  $123,775,053,  55 

SINKING  FUND. 

The  follovring  sums  are  in  the  Treasury  books,  passed  to  the  credit  of  this  fund 

Foreign  Debt. 

5  per  cent  stock,  .  8,200,000  00 
A\  per  cent.  do.  .  .  820,000  00 
4  percent,    do.       .       .     3,180,000  00 


•12,200,000  00 


Domestic  Debt. 

6  per  cent  stock,       .       .  1,946,026  92 

3  per  cent  do.      .       .  698,555  41 

Deferred     do.  .       .       .  1,005,179  83 

8  per  cent.  do.      .       .  6,482,.'300  00 

Exchanged  6  per  cent,  stock,  6,294,051  12 

Converted  6  per  cent.    do.  1,859,850  70 

4|  per  cent,  stock,        .  176,000  00 

5i  per  cent.  do.    .       .  1,848,900  00 

Navy  6  per  cent,  stock,       .  711,700  00 

Louisiana  stock,       .       .  326,500  00 

6.  per  cent.  do.  of  1 8 12,         .  32  4,200  00 


-21,673,463  98 

  33,873,463  98 


5 


$I47,(i43,517  53(d) 


J 


18 


Statement  6  continued. 


NOTES. 
(«)  . 

Amount  of  temporary  loans  unpaid  1st  January,  1815, 
Received  into  the  Treasury  in  1815. 

From  the  City  Bank  New- York,  ^200,000  00 
Mechanics'  do  do  .  200,000  00 
Manhattan  do  do  .  200,000  00 
Mechanics'  do  do  .  75,000  00 
Bank  of  America,  do  .  75,000  00 
Manhattan  do  do  .  75,000  00 
City  Bank,  do       .      75,000  00 

Mechanics'  do  do  .  200,000  00 
State  of  New-York,  .  350,000  00 
Banks  in  District  of  Columbia,  175,000  00 
Bank  of  Virginia,  ,  .  .  450,000  00 
Farmers'  Bank  of  Virginia,      200,000  00 


$600,000  00 


Paid  off  in  1815,  per  public  printed  accounts, 
Amount  as  above  stated, 


-  2,275,000  00 

2,875,000  00 
1,800,000  00 

g  1,075,000  00 


This  is  the  aggregate  of  the  several  annual  settlements  predicated  on  the 
quarter-yearly  dividends  payable  from  1st  January,  1796,  inclusive,  and,  after 
making  the  deductions  herein  stated,  will,  on  the  full  payment  of  the  old  6  per 
cent  and  deferred  stocks,  accord  with  their  present  nominal  amount. 


(0 

Unredeemed  amount  1st  January,  1815, 
Additions  in  1815. 
3  percent  stock, 

6  per  cent    do.  1812, 

do.       do.  1814, 

do.       do.    I8iri,  . 

do.    Treasury  notes,  funded, 

7  per  cent  small    do,  do. 

Temporary  loans, 


$89,1 10,337  20 


Deduct  reimbursements  of  old  6 

per  cent  and  deferred  stocks 

in  1815,  .  .  .  $1,566,123  16 
And  temporary  loans  paid  off      1,800,000  00 


3  36 
50,000  00 
1,426.967  29 
11,952,700  74 
2,481  63 
3,908,974  00 

17,341,127  02 
2,275,000  00 

19,616,127  02 


3,366,123  16 


16,250,003  86 


As  above, 


$105,360,341  06 


i 
1 


i 


Statement  B  continued. 

NOTES. 

Nominal  amount,  including  sinking  fund  1st  January,  1815,  $139,832,390  51 

Additions  in  1815,  including  temporary  loans,       .       .  17,816,127  02 

As  above,  $157,648,517  53 


Treasury  Department, 

Register's  Office,  December  19, 18l6. 


JOSEPH  NOURSE,  Register. 


20 


ESTIMATE 


Of  the  Funded  Debt  of  the  United  States,  and  of  the  Temporary  Loan»}j 
on  the  1st  of  October,  1816. 

FUNDED  DEBT, 
Exclusive  of  sums  passed  to  the  credit  of  the  Sinking  Fund. 


Six  per  cent,  stock,         .  i 
Three  per  cent.  do. 
Deferred  do. 
.  Louisiana  do.       .    .  . 

Six  per  cent.  do.  of  1796, 
Exchanged  6  per  cent,  of  1812, 

Six  percent,  stock  of  1812,  11  milhonloan, 
Ditto  of  1813,  16       do.  . 

Ditto  do.      71  do. 

Ditto  of  1814  25|     do.  . 

Ditto  of  1815  18,4.52,800  do 

Six  percent,  stock,  Treasury  notes  per  25th  ) 
February  1815,  funded,  ^ 
Seven  per  cent,  stock,  small  Treasury 
notes,  funded, 


$17,250,871  41 
16,158,180  79 
9,358,.320  34 
10,923,-500  00 
80,000  00 
2,984,746  72 

7,810,500  00 
18,109,387  43 

8,498,581  95 
15,954,619  85 
12,288,149  64 

60,727  41 
8,479,595  00 


-56,754,619  26 


TEMPORARY  LOANS, 
Due  Cumberland  Bank,  Maine, 


-71,201,551  28 
127,^57,170  54 


50,000  00 


Nominal  amount  of  funded  debt  and  temporary  loans,  1st)  ^.^n^,,-,  ..^ 
_     October,  1810,  J  S  128,00/,! /O  .54 

$24,341,990  60 


.Deduct  reimbursement  of  the  old  six  per 
cent,  and  deferred  stocks  to  the  31st  De- 
cember, 1815,  per  Treasury  settlements, 

To  the  1st  October,  1816,  estimated  at 


Deduct,  as  per  last  annual  statement, 
yoredecmed  amount,  1st  October,  1816, 


846,639  76 

25,188,630  44 
5,927,278  19 


19,261,352  2b 


(a)  $108,745,818  29 


21 

Statement  C  continued. 

JYominai  amount,  as  above  stated,  brought  down,  $128,007,170  51 

SINKING  FUND. 

The  following  sums  are,  in  the  Treasury  books, 
passed  to  the  credit  of  this  fund. 

Foreign  Debt. 

Five  per  cent,  stock,  .  g8,200,000  00 
Four  and  a  half  per  cent,  stock,  820,000  00 
Four  per  cent,  stock,       .         3,180,000  00 

 !  2,200.000  00 

Domestic  Debt. 

Six  per  cent,  stock,         .  1,946.026  92 

Three  per  cent,  stock,         .  698,555  41 

Deferred  stock,         .       .  1,005,179  83 

Ei^ht  per  cent,  stock,         .  6,182,500  00 

Exchanged  six  per  cent,  stock,  6,294,051  12 

Converted  six  per  cent,  stock,  1,859,850  70 

Four  and  a  half  per  cent,  stock,  176,000  00 

Five  and  a  half  per  cent,  stock,  1.848,900  00 

Navy  six  per  cent,  stock,       .  711,700  00 

Louisiana  six  per  cent,  stock,  326,500  00 

Six  per  cent,  stock  of  1812,  324,^00  00 

 21.67:?,! 63  98 

  33,873,463  98 


{b)  $161,880,634  52 


NOTES. 
(«) 

Unredeemed  amount,  1st  January,  18J6,     .        .  S  105.300,341  06 
Ad Ji lions  to  1st  October,  1816. 

.  Six  per  cent,  stock  of  IBM,        .         292,801  31 

Ditto              of  1815,         .         33.%448  90 

Treasury  note  six  per  cent,  stock,           58,245  78 

Ditto       seven  per  cent  stock,  4,570,621  CO 

  5,257,116  99 


110,617,458  05 

Deduct  temporary  loans,  paid  off,       .       .      1,025,000  00 
do.    reimburse  me  fit  of  the  old  six  per  cent. 

and  deterred  stock,       .  .       846.639  76 

  1,871,639  76 


Unredeemed  amount,  as  above,  .  .  g  108,745,8 18  29 

6  ~ 


22 

Statement  C  continued. 

NOTES. 

Nominal  amount,  including  sinking  fund,  1st  January, 

1816,  §157,648,517  53 

Additions  in  1816,    5,257,116  99 


162,905,634  52 

Deduct  temporary  loans  paid  to  the  State  Bank, 

Boston,  .  .  .  $500,000  00 

Banks  in  the  District  of  Columbia,  .  175,000  00 
The  State  of  New-York,       .        .         350,000  00 

  1,025.000  00 


Nominal  amount,  as  above,       .       .       .       .         §  161,880,634  52 


.Treaswy  Department^ 

Register's  Office,  Dec.  19, 1816. 


JOSEPH  NOURSE,  Register. 


i 


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